Trust, Will & Probate

[FlyingRon]

i will simply say that personal assets can be owned by trust.

They could be, but the trust document is NOT going to put them into the trust. There needs to be a transfer. The pour-will covers things not transferred into the trust. Even if you write in the trust document that you transfer all your personal possessions into it today, if you go out and buy the sofa tomorrow, it's not in the trust.

I never said that the court is necessarily interested in anything, but that doesn't change anything that the pour-over will has no effectivity and things do not transfer into the trust after the testators death without either probate or the small estate procedure being followed.

Yes, if nobody complains (there are no contentions from debtors, possible heirs, taxman), then nobody is going to notice if you don't do things right. It only takes one disgruntled person who believes they should have had Uncle Bob's sofa, that will make a mess. The small estate procedure is simple enough, you bring the affidavit, the will, and the death certificate to the court and poof.

 

[curb1]

I agree. The trusts in which I am involved all have the "furniture and personal effects" included within the trust, and not the catch all pour-over will. It is within a paragraph of non-titled assets.

 

[Zigner]

I agree. The trusts in which I am involved all have the "furniture and personal effects" included within the trust, and not the catch all pour-over will. It is within a paragraph of non-titled assets.

I think the point that is being made is that the "furniture and personal effects" that are included in a trust are the ones that are owned at the time the trust is created. If an item of furniture is acquired by the grantor after the trust is created, that item is not, technically, included in the trust.

 

[curb1]

Yes, but the advice to the OP is not to open probate because a can of baked beans was bought after the trust was written. If there were significant additions and perhaps titled property, then yes it needs to be considered. In this case there seems to be nothing of significance that was added.

So to take this full circle, I would suggest to the OP to disregard/disperse the personal effects to everyone's satisfaction and then deal with the trust assets as suggested in the trust.

I would think everyone would agree with that advice. Maybe not?

 

[TrustUser]

I think the point that is being made is that the "furniture and personal effects" that are included in a trust are the ones that are owned at the time the trust is created. If an item of furniture is acquired by the grantor after the trust is created, that item is not, technically, included in the trust.

ron and i disagreed in the past. he insists that a paper transfer needs to be done.

the following is an example of this, for both present and future personal property.

http://livingtrustnetwork.com/documents/deedofgift1.pdf

i put this sort of language directly into the trust. the reason for this, is that the separate document is more easily "lost".

it would not hurt to do both things. but for the most part, there is not a problem with distributing that sort of property.